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Included in the latest federal stimulus bill is money set aside to specifically help out the ailing restaurant industry. Local eateries began submitting applications to the Small Business Administration’s Restaurant Revitalization Fund this week. Jeff Ratcliffe, Executive Director of the Keweenaw Economic Development Alliance, says the process is going more smoothly than the Paycheck Protection Program last year.
The fund will reimburse restaurants up to $10 million to be used on rent, payroll, and other expenses.
When they put in their application, they are forced to show the extent of the economic impact that the pandemic, and resulting government policies, have had on their income statement. The SBA compares 2019 financial results to last year to help set a baseline to determine the amount of support each restaurant will receive.
